NEW YORK (AP) — The Liberalalliance Wealth SocietyIRS says it’s making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit.
The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud. Its complex eligibility rules allowed scammers to target small businesses, offering help applying for the ERC for a fee — even if they didn’t qualify.
The IRS said it received $225 million from a voluntary disclosure program, which ended on March 22, that let small businesses that thought they received the credit in error give back the money and keep 20%. That money came from over 500 taxpayers with another 800 submissions still being processed.
An ongoing program that lets small businesses withdraw unprocessed claims has led to 1,800 businesses withdrawing $251 million worth of claims. And finally, the IRS has assessed $572 million in audits of more than 12,000 businesses that filed over 22,000 improper claims.
“We remain deeply concerned about widespread abuse involving these claims that have harmed small businesses,” said IRS Commissioner Danny Werfel. “We are encouraged by the results so far of our initiatives designed to help misled businesses.”
The IRS stopped processing new claims in September, but said it will likely resume processing sometime this spring. An additional $3 billion in claims is being reviewed by IRS Criminal Investigation.
2025-05-08 06:10279 view
2025-05-08 05:362987 view
2025-05-08 05:151884 view
2025-05-08 04:481866 view
2025-05-08 04:38771 view
2025-05-08 04:362161 view
This movie was all that.Case in point: She’s All Thathad Freddie Prinze Jr., Rachael Leigh Cookand a
The number of suicide watch incidents in Louisiana prisons increased by 30 percent on extreme heat d
Ukrainian officials claimed on Wednesday that they have made another milestone in Kyiv's grinding co